Cosigning a loan can be stressful. A relative or friend may ask for help in getting a car, a student loan, or to purchase property and it can be hard to say no. However, when helping out others make sure you know the risks you are taking. When cosigning a loan be aware of the responsibilities you will have and what you need to do to navigate the entire process without hurting yourself financially.
What You Should Know About Contracts
- What it means to be a cosignor.
- Understand how contracts work.
- Contract breachest can be complicated.
- How to modify a contract.
- Tax treatment of interest paid on loans.
If Something Goes Wrong
- Close an account.
- Understand your rights under the Fair Debt Collection Act.
- What you should know about bank account seizures and wage garnishment.
- The Servicemembers' Civil Relief Act can protect you.
- Know what it means to be judgment proof.
- How to reclaim your property.
- The basics of fair credit reporting.
- Remove some types of information from your credit report.